Tuesday, September 2, 2008

Histogenics’ joint biz adds $9M in second round

By Mass High Tech Staff

Cartilage regeneration company Histogenics Corp. has announced its closing of a $9 million Series B round of funding. The financing was led by Boston Millennia Partners with support from existing investors Foundation Medical Partners, Altima Partners, Stryker Corp., Inflection Point Partners and one private investor.

Histogenics officials said the funds will support development of the company’s NeoCart neocartilage implant, currently in Phase 2 clinical trials, and VeriCart auto-regenerative cartilage matrix, scheduled for Phase 2 clinical trials in 2008.

The cartilage products may offer another option besides microfracture surgery for repairing knee joints.

Founded in 2000, Waltham-based Histogenics received a $13.1 million preferred stock equity financing in 2006, led by Boston Millennia Partners, and with support from Foundation Medical Partners, a venture firm, and orthopedic firm Stryker. As part of the round, Patrick J. Fortune, partner with Boston Millennia Partners, joined the Histogenics board of directors.